Monday, November 8, 2010

Al Gore must be unhappy about this--ummm Maybe not, He already has his, we are the ones paying for the loss

He's got problems.  First the wife goes, now his stock falls.  What next?
From American Thinker blog:
by Randy Fardal
Why are welfare queens sent to prison while eco-capitalists buy mansions? It appears that the carbon credit trading exchange some eco-capitalists sold just a few months ago for $634.5M is now worthless. According to the Financial Times:
The owner of the US’s only nationwide cap-and-trade market has signaled the death of the seven-year-old industry, saying companies were no longer interested in trading carbon emissions credits in the absence of government legislation.
Virtually nothing the eco-capitalists produce creates wealth for society, including their carbon exchanges. They are not participating in free-market capitalism; it’s just parasitic political capitalism. And since most of what they do is based on the AGW scam, one could argue that many of them are guilty of misrepresentation or outright fraud.
Meanwhile, the buyer at the other end of this transaction, Intercontinental Exchange, apparently lost a half-billion-dollar bet that the carbon-taxing Democrats would retain control of the House in the 2010 elections. That’s fine; ICE is a profitable private sector company that took a calculated risk, and whose losses will be borne by its shareholders. Because of pending Democratic legislation, that risk had potentially great rewards -- perhaps even “windfall profits” -- so it’s unlikely that shareholders now blame the company’s executives for malfeasance.
But taxpayers indirectly cover about a third of the shareholders’ losses. Because ICE’s overall business is profitable, its losses on the climate exchange reduce its tax liability.
Bottom line: Taxpayers will have to cover about a third of the total $655-660M bet that ICE lost on its Climate Exchange acquisition. Can the leftists be happy about that? After all, the added government revenue would have paid for a large portion of Nancy Pelosi’s taxpayer-funded private jet.
Read it all, it is all part of the big Global Warming scam.

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